Ginsburg buys 207-unit Mohegan Lake rental complex for $54M

Ginsburg Development Companies was once known for its luxury rental condominiums. But the company's focus in recent years has been luxury rental apartment communities. (Video by Akiko Matsuda/lohud)
Wochit

Ginsburg Development Companies has acquired the 207-unit Landing on Mohegan Lake complex in Yorktown.(Photo: Submitted)

YORKTOWN - Ginsburg Development Companies has acquired a 207-unit rental apartment community near Mohegan Lake for $54 million.

The 20-acre community, called The Landing on Mohegan Lake, was formerly owned by New Chalet Apartments Inc, a private equity group based in Dallas. Jeffrey Dunne of CBRE's Stamford office was the broker.

Built in the 1990s, the rental complex is located in the Lakeland School District. The community offers one- and two-bedroom units that feature kitchens with granite counter-tops and stainless steel appliances as well as other amenities such as in-unit washers & dryers.

The monthly rents range from $1,860 to $2,595, according to Ginsburg Development, which plans to upgrade the community by modernizing existing amenities and adding new facilities such as a children's playground, gazebo/BBQ area on the lake and lakeside clubhouse.

"The improvements we plan to undertake will make this community a long-term place for residents and families to call home and come home to vacation every day," said Martin Ginsburg, the company's principal.

Once known for designing and constructing luxury condominium communities in the Lower Hudson Valley, the developer has shifted its focus in recent years to luxury rental apartments, including Harbor Square in Ossining, The Lofts on Saw Mill River in Hastings on Hudson, and River Tides at Greystone in Yonkers.

The company has also purchased a 12-story luxury rental apartment building on South Lexington Avenue in White Plains, renaming it "The Metro."